Hurricane Energy’s Lincoln well, which is located west of Shetland, has firmed up recoverable reserves of 250 MMbbl of oil—with this being dubbed as possibly a “conservative assessment.”
The original pre-drill estimate for the Lincoln well was about 150 MMbbl.
“Our initial assessment of the drilling results will be subject to refinement by analysis of wireline and sidewall core data,” said Hurricane Energy CEO Robert Trice. “However, current analysis indicates that our pre-drill resource assessments of approximately 250 Mbbl of recoverable oil for the Lincoln prospect may be conservative.
“I look forward to Hurricane’s imminent operations on the hugely important Halifax well and to simultaneously progressing toward the sanction of the Lancaster Early Production System in the first half of 2017.”
The well is now being plugged and abandoned ahead of the Transocean Spitsbergen drilling rig being demobilized from the Lincoln well. Hurricane is now waiting for weather and sea state conditions to allow the rig to move to the Halifax well location and for the well to be spudded.
The Lincoln well is located near Hurricane’s Lancaster development and could “deliver significant incremental value via tieback to a Lancaster.”
A competent person’s report by RPS in 2010 estimated 207 MMboe of 2C contingent resources to Lancaster and noted that individual well flow rates up to 8,000 bbl/d are achievable from the basement.
Recommended Reading
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.